FORM 11-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
ANNUAL REPORT
PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
(X) Annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934
Commission file number 000-18645
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Trimble Navigation Savings and Retirement Plan
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Trimble Navigation Limited
645 N. Mary Avenue
Post Office Box 3642
Sunnyvale, CA 94088-3642
SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the administrator has duly caused this annual report to be signed on its
behalf by the undersigned hereunto duly authorized.
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
Date: May 13, 1998 By /s/Charles R. Trimble
----------------------
Charles R. Trimble
1
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
FINANCIAL STATEMENTS
DECEMBER 31, 1997 AND 1996
2
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
Financial Statements and
Form 5500 Supplemental Schedule G
Years ended December 31, 1997 and 1996
Table of Contents
Independent Accountants' Report ..............................................4
Consent of Independent Accountants............................................6
Financial Statements:
Statements of Net Assets Available for Plan Benefits, with Fund Information...7
Statement of Changes in Net Assets Available for Plan Benefits
For the Year Ended December 31, 1997.......................................8
Statement of Changes in Net Assets Available for Plan Benefits
For the Year Ended December 31, 1996......................................10
Notes to Financial Statements................................................12
Form 5500 Supplemental Schedule G as of and for the year ended
December 31, 1997.........................................................17
27a, Part I - Schedule of Assets Held for Investment Purposes
27d, Part V - Schedule of Reportable Transactions
Consent of Independent Accountants...........................................20
3
<PAGE>
To the Participants and Plan
Administrator of the Trimble Navigation
Savings and Retirement Plan
INDEPENDENT ACCOUNTANTS' REPORT
We have audited the financial statements and supplemental schedules of the
Trimble Navigation Savings and Retirement Plan (the Plan) as of December 31,
1997 and 1996, and for the years then ended, as listed in the accompanying table
of contents. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
Plan's management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the net assets available for plan benefits of the Plan
as of December 31, 1997 and 1996, and the changes in net assets available for
plan benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our audits were conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental information
included in Schedule G - Financial Schedules (IRS Form 5500) is presented for
the purpose of additional analysis and is not a required part of the basic
financial statements but is supplementary information required by the Department
of Labor's Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The fund information in the statement of
changes in net assets available for plan benefits is presented for purposes of
additional analysis rather than to present the changes in net
4
<PAGE>
assets available for plan benefits for each fund. The supplemental
information and fund information have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, are
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ MOHLER, NIXON & WILLIAMS
Accountancy Corporation
Campbell, California
May 13, 1998
5
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the use of our name on our report, dated May 13, 1998, with
respect to the financial statements and schedules of the Trimble Navigation
Savings and Retirement Plan for the years ended December 31, 1997 and 1996,
included in the Annual Report on Form 11-K which is filed electronically with
the Securities and Exchange Commission.
/s/ MOHLER, NIXON & WILLIAMS
Accountancy Corporation
Campbell, California
May 13, 1998
6
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31,
------------------------------
1997 1996
------------- -------------
Investments, at fair value $38,080,765 $28,346,151
------------- -------------
Assets held for investment purposes 38,080,765 28,346,151
Employer's contribution receivable 2,040 72,109
Participants' contributions receivable 118,024 248,297
------------- -------------
Total receivables 120,064 320,406
------------- -------------
Net assets available for plan benefits $38,200,829 $28,666,557
============= =============
See independent accountants' report and
accompanying notes to financial statements.
7
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
For the year ended December 31, 1997
<TABLE>
<CAPTION>
Net assets available Participants Withdrawals Dividends
for plan benefits Employer's contributions/ and and
December 31, 1996 contribution rollovers distribution interest Subtotal
------------------ -------------- --------------- ------------- ----------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Trimble Stock Fund $2,285,583 $111,608 $494,720 ($123,614) $2,768,297
CIGNA Fixed Fund 8,601,100 334,498 1,378,868 (1,033,667) $9,280,799
CIGNA Lifetime 20 Fund 29,219 11,446 42,801 (1,903) $81,563
CIGNA Lifetime 30 Fund 72,667 7,500 76,766 (5,863) $151,070
CIGNA Lifetime 40 Fund 85,756 9,780 72,561 (5,689) $162,408
CIGNA Lifetime 50 Fund 135,626 3,812 18,635 (16,876) $141,197
CIGNA Lifetime 60 Fund 122,022 3,285 16,756 (466) $141,597
Fidelity Equity Income II Fund 943,799 53,065 300,094 (99,866) $1,197,092
Fidelity Contrafund Fund 6,460,248 146,420 764,446 (651,111) $6,720,003
Fidelity Magellan Fund 937,483 24,728 151,704 (37,121) $1,076,794
AIM Aggressive Fund 5,929,431 197,966 1,164,022 (603,235) $258,785 $6,946,969
Warburg Pincus
Emerging Growth Fund 263,172 25,054 187,410 (13,253) $462,383
Twentieth Century Ultra Fund 1,152,099 58,136 367,178 (96,398) $1,481,015
Contributions Receivable 320,406 (70,069) (130,273) $120,064
Participant Loans 1,327,946 (80,534) 104,261 $1,351,673
--------------- ---------- ----------- ------------ ---------- ------------
Totals $28,666,557 $917,229 $4,905,688 ($2,769,596) $363,046 $32,082,924
=============== ========== =========== ============ ========== ============
</TABLE>
See independent accountants' report and
accompanying notes to financial statements.
8
<PAGE>
<TABLE>
<CAPTION>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS, WITH FUND INFORMATION
For the year ended December 31, 1997
Net appreciation Net appreciation
(depreciation) Expenses Increase Net assets available
fair value of Net loan and Transfers (decrease) for plan benefits at
Subtotal investments activities adjustments in (out) in net assets December 31, 1997
------------- ------------- ---------- ---------- ---------- ------------- --------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Trimble Stock Fund $2,768,297 $2,661,106 $22,963 ($663) $163,277 $3,329,397 $5,614,980
CIGNA Fixed Fund $9,280,799 475,661 (28,298) 10,896 (279,116) 858,842 9,459,942
CIGNA Lifetime 20 Fund $81,563 7,607 263 (59) 79,902 140,057 169,276
CIGNA Lifetime 30 Fund $151,070 20,269 (399) (82) 27,000 125,191 197,858
CIGNA Lifetime 40 Fund $162,408 20,446 4,517 (22) 41,510 143,103 228,859
CIGNA Lifetime 50 Fund $141,197 25,468 4,770 (37) 13,824 49,596 185,222
CIGNA Lifetime 60 Fund $141,597 14,049 817 (138,198) (103,757) 18,265
Fidelity Equity Income II Fund $1,197,092 310,748 5,299 (226) 270,413 839,527 1,783,326
Fidelity Contrafund Fund $6,720,003 1,501,617 911 (1,024) (39,174) 1,722,085 8,182,333
Fidelity Magellan Fund $1,076,794 274,221 (16,735) (171) 164,508 561,134 1,498,617
AIM Aggressive Fund $6,946,969 438,487 19,368 (907) (376,108) 1,098,378 7,027,809
Warburg Pincus
Emerging Growth Fund $462,383 79,617 (2,866) (195) 42,487 318,254 581,426
Twentieth Century Ultra Fund $1,481,015 281,223 8,176 (124) 29,675 (200,342) 120,064
Contributions Receivable $120,064 4,941 1,332,887
Participant Loans $1,351,673 (18,786)
------------- ----------- --------- --------- --------- ----------- -------------
Totals $32,082,924 $6,110,519 $ - $7,386 $ - $9,534,272 $38,200,829
============= =========== ========= ========= ========= =========== =============
</TABLE>
See independent accountants' report and
accompanying notes to financial statements.
9
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
For the year ended December 31, 1996
<TABLE>
<CAPTION>
Net assets available Participant Withdrawals Dividends
for plan benefit Employer's contributions/ and and
December 31, 1996 contribution rollovers distribution interest Subtotal
------------------- ----------------- -------------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Cash $122,452 $122,452
GIC Fund 7,590,325 $29,872 7,620,197
Janus Fund 3,622,595 3,622,595
Twentieth Century Growth Fund 802,453 802,453
Aim Aggressive Fund 3,888,043 3,888,043
Linder Dividend Fund 354,086 354,086
Fidelity Bond Fund 799,111 8,559 807,670
Berger 100 Fund 700,446 700,446
Schaeffer Value Fund 1,171,880 1,171,880
Trimble Stock Fund 2,939,887 $99,206 $505,292 ($148,060) 3,396,325
CIGNA Fixed Fund - 338,108 1,309,077 (779,253) 867,932
CIGNA Lifetime 20 Fund - 4,815 17,048 (577) 21,286
CIGNA Lifetime 30 Fund - 4,030 38,855 42,885
CIGNA Lifetime 40 Fund - 3,857 13,369 17,226
CIGNA Lifetime 50 Fund - 1,358 18,623 19,981
CIGNA Lifetime 60 Fund - 1,999 9,952 11,951
Fidelity Equity Income II Fund - 29,922 265,455 (56,873) 238,504
Fidelity Contrafund Fund - 136,144 713,423 (347,985) 501,582
Fidelity Magellan Fund - 8,165 79,955 (74,126) 13,994
AIM Aggressive Fund - 216,603 1,448,027 (407,016) 287,262 1,544,876
Warburg Pincus Emerging
Growth Fund - 15,715 163,052 (13,298) 165,469
Twentieth Century Ultra Fund - 44,703 270,847 (33,516) 282,034
Contributions Receivable - 72,109 248,297 320,406
Participant Loans 1,140,443 (110,804) 83,811 1,113,450
--------------- --------- ---------- ----------- --------- -------------
Totals $23,131,721 $976,734 $5,101,272 ($1,971,508) $409,504 $27,647,723
=============== ========= ========== ============ ========= =============
</TABLE>
See independent accountants' report and
accompanying notes to financial statements.
10
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS,
WITH FUND INFORMATION
For the year ended December 31, 1996
<TABLE>
<CAPTION>
Net appreciation
(depreciation) Expenses Increase Net assets available
in fair value Net loan and Transfers (decrease) for plan benefits at
Subtotal investment activities adjustments in (out) in net asset December 31, 1996
---------- --------------- -------------- ----------- --------- ------------- ------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Cash $122,452 ($122,452) ($122,452) $ -
GIC Fund 7,620,197 (7,620,197) (7,590,325) -
Janus Fund 3,622,595 $285,825 ($50) (3,908,370) (3,622,595) -
Twentieth Century Growth Fund 802,453 51,262 (853,715) (802,453) -
Aim Aggressive Fund 3,888,043 (50) (3,887,993) (3,888,043) -
Linder Dividend Fund 354,086 17,083 (371,169) (354,086) -
Fidelity Bond Fund 807,670 17,784 (825,454) (799,111) -
Berger 100 Fund 700,446 34,091 (734,537) (700,446) -
Schaeffer Value Fund 1,171,880 46,809 (1,218,689) (1,171,880) -
Trimble Stock Fund 3,396,325 (1,296,360) ($26,657) (2,925) 215,200 (654,304) 2,285,583
CIGNA Fixed Fund 867,932 363,507 (60,242) (3,594) 7,433,497 8,601,100 8,601,100
CIGNA Lifetime 20 Fund 21,286 1,090 351 6,492 29,219 29,219
CIGNA Lifetime 30 Fund 42,885 3,422 26,360 72,667 72,667
CIGNA Lifetime 40 Fund 17,226 5,170 1,742 (5) 61,623 85,756 85,756
CIGNA Lifetime 50 Fund 19,981 6,845 503 (1) 108,298 135,626 135,626
CIGNA Lifetime 60 Fund 11,951 8,023 (23) 102,071 122,022 122,022
Fidelity Equity Income II Fund 238,504 90,435 (638) (616) 616,114 943,799 943,799
Fidelity Contrafund Fund 501,582 902,186 (22,167) (939) 5,079,586 6,460,248 6,460,248
Fidelity Magellan Fund 13,994 85,897 (15,011) (39) 852,642 937,483 937,483
AIM Aggressive Fund 1,544,876 291,867 (83,275) (105) 4,176,068 5,929,431 5,929,431
Warburg Pincus Emerging
Growth Fund 165,469 (668) (9,000) (20) 107,391 263,172 263,172
Twentieth Century Ultra Fund 282,034 112,808 (79) 102 757,234 1,152,099 1,152,099
Contributions Receivable 320,406 320,406 320,406
Participant Loans 1,113,450 214,496 187,503 1,327,946
------------ ----------- ----------- --------- ---------- ------------ -------------
Totals $27,647,723 $1,027,076 $ - ($8,242) $ - $5,534,836 $28,666,557
============ =========== =========== ========= ========== ============ =============
</TABLE>
See independent accountants' report and
accompanying notes to financial statements.
11
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 1997 and 1996
Note 1 - The Plan and its significant accounting policies:
The following description of the Trimble Navigation (the Company) Savings
and Retirement Plan (the Plan) provides only general information. Participants
should refer to the Plan document for a more complete description of the Plan's
provisions.
The Plan is a defined contribution plan that was established in 1988 by the
Company to provide benefits to eligible employees. The Plan covers all employees
of the Company who are not covered by a collective bargaining agreement.
The Plan administrator believes that the Plan is currently designed and
operated in compliance with the applicable requirements of the Internal Revenue
Code and the provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
Administration -
The Company has appointed an Administrative Committee (the Committee) to
control the operation and administration of the Plan. A third-party
administrator, appointed by the Committee, processes and maintains the records
of participant data. Effective January 1996, the Company contracted with
Connecticut General Life Insurance Company (CIGNA) to act as third-party
administrator and trustee. Substantially all expenses incurred for administering
the Plan are paid by the Company.
Investments -
Investments of the Plan at December 31, 1997 and 1996 are held by CIGNA and
invested in CIGNA general account contract and pooled separate accounts,
Fidelity funds, mutual funds and the Company's common stock, based solely upon
instructions received from participants.
The Plan's investments in CIGNA are valued at fair value as of the last day
of the Plan year, as measured by quoted market prices or as reported by CIGNA
for pooled separate accounts.
12
<PAGE>
Cash and cash equivalents -
All highly liquid investments purchased with an original maturity of three
months or less (generally money market funds) are considered to be cash
equivalents. These investments are usually held for a short period of time,
pending long-term investment.
Vesting -
Participants are immediately vested in their salary deferral, rollover
contributions, related earnings, and employer's matching contributions.
Income taxes -
The Plan has not been amended since receiving a favorable determination
letter dated November 28, 1995. The Company intends that the Plan continue to
qualify under the applicable requirements of the Internal Revenue Code and
related state statutes, and is exempt from federal income and state franchise
taxes.
Estimates -
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of income and expenses
during the reporting period. Actual results could differ from those estimates.
Risks and uncertainties -
The Plan provides for various investment options in any combination of
stocks, bonds, fixed income securities, mutual funds and other investment
securities. Investment securities are exposed to various risks, such as interest
rate, market fluctuations and credit risks. Due to the level of risk associated
with certain investment securities, it is at least reasonably possible that
changes in risks in the near term would materially affect participants' account
balances and the amounts reported in the statements of net assets available for
plan benefits and the statements of changes in net assets available for plan
benefits.
13
<PAGE>
Note 2 - Participation and benefits:
Participant contributions -
Participants may elect to have the Company contribute a percentage, from 1%
to 18%, of their pre-tax compensation up to the amount allowable under current
income tax regulations. Participants who elect to have the Company contribute a
portion of their compensation to the Plan agree to accept an equivalent
reduction in taxable compensation. Contributions withheld are invested in
accordance with the participants direction and are allocated to funds in 1%
increments.
Participants are also allowed to make rollover contributions of amounts
received from other tax-qualified employer-sponsored retirement plans. Such
contributions are deposited in the appropriate investment funds in accordance
with the participant's direction and the Plan's provisions.
Employer contributions -
The Company is allowed to make matching contributions as defined in the
Plan and as approved by the Board of Directors. The Company matches 100% of each
eligible participant's contribution up to a maximum of $100 per month and a
maximum of $1,200 per year. Contributions for the years ended December 31, 1997
and 1996 were approximately $920,000 and $980,000, respectively.
Participant accounts -
Each participant's account is credited with the participant's contribution,
Plan earnings or losses and an allocation of the Company's contribution, if any.
Allocation of the Company's contribution is based on the participant
contributions.
Payment of benefits -
Upon termination, the participant or beneficiary will receive benefits in a
lump-sum amount equal to the value of the participant's vested interest in his
or her account. The Plan allows for automatic lump sum distribution of
participant vested account balances which do not exceed $3,500.
14
<PAGE>
Loans to participants -
The Plan allows participants to borrow not less than $1,000 and up to the
lesser of $50,000 or 50% of their vested account balance. The loans are secured
by the participant's vested balance. Such loans bear interest at the available
market financing rates and must be repaid to the Plan within a five year period,
unless the loan is used for the purchase of a residence in which case the
maximum repayment period is ten years. The specific terms and conditions of such
loans are established by the Committee.
Note 3 - Party in interest transactions:
As allowed in the Plan, participants may elect to invest a portion of their
accounts in the common stock of the Company. Aggregate investment in Company
common stock at December 31, 1997 and 1996 was as follows:
Date Number of shares Fair value Cost
---- ---------------- ---------- ----------
1997 256,353 $5,614,980 $4,166,188
1996 198,746 $2,285,583 $3,390,936
15
<PAGE>
Note 4 - Investments:
The following table includes the fair values of investments and investment
funds that represent 5% or more of the Plan's net assets at December 31:
1997 1996
------ ------
Trimble Stock Fund $5,614,980 $2,285,583
CIGNA:
Fixed Fund 9,459,942 8,601,100
Lifetime 20 Fund 169,276 29,219
Lifetime 30 Fund 197,858 72,667
Lifetime 40 Fund 228,859 85,756
Lifetime 50 Fund 185,222 135,626
Lifetime 60 Fund 18,265 122,022
Fidelity Equity Income II Fund 1,783,326 943,799
Fidelity Contrafund Fund 8,182,333 6,460,248
Fidelity Magellan Fund 1,498,617 937,483
AIM Aggressive Fund 7,027,809 5,929,431
Warburg Pincus Emerging Growth Fund 581,426 263,172
Twentieth Century Ultra Fund 1,799,965 1,152,099
Participant Loans 1,332,887 1,327,946
----------- -----------
Assets held for investment purposes $38,080,765 $28,346,151
=========== ===========
Note 5 - Plan termination and/or modification:
The Company intends to continue the Plan indefinitely for the benefit of
its employees; however, it reserves the right to terminate and/or modify the
Plan at any time by resolution of its Board of Directors and subject to the
provisions of ERISA.
16
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
FORM 5500
SUPPLEMENTAL SCHEDULE G
DECEMBER 31, 1997
17
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
E.I.N.: 94-2802192
Plan #: 001
ITEM 27a, PART I - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1997
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e)
Description of investment including
Identity of issue, borrower, lessor, maturity date, rate of interest, Current
or similar party collateral, par or maturity value Cost Value
- -------- ---------------------------------------- ------------------------------------- --------------- ----------------
<S> <C> <C> <C> <C>
CIGNA:
Fixed Fund Pooled separate accounts $9,459,942 $9,459,942
Lifetime 20 Fund Pooled separate accounts 161,011 169,276
Lifetime 30 Fund Pooled separate accounts 175,236 197,858
Lifetime 40 Fund Pooled separate accounts 204,716 228,859
Lifetime 50 Fund Pooled separate accounts 156,195 185,222
Lifetime 60 Fund Pooled separate accounts 15,853 18,265
Fidelity Equity Income II Fund Mutual Fund 1,429,876 1,783,326
Fidelity Contrafund Fund Mutual Fund 6,078,336 8,182,333
Fidelity Magellan Fund Mutual Fund 1,173,789 1,498,617
AIM Aggressive Fund Mutual Fund 6,184,583 7,027,809
Warburg Pincus Emerging Growth Fund Mutual Fund 501,069 581,426
Twentieth Century Ultra Fund Mutual Fund 1,474,263 1,799,965
* Trimble Stock Fund Company Stock 4,166,188 5,614,980
* Participant Loans 3.25%-13.00% 1,332,887
----------------
Total assets held for investment
purposes $38,080,765
================
* Parties-in-interest
</TABLE>
18
<PAGE>
TRIMBLE NAVIGATION
SAVINGS AND RETIREMENT PLAN
E.I.N.: 94-2802192
Plan #: 001
ITEM 27d, PART V - SCHEDULE OF REPORTABLE TRANSACTIONS
For the year ended December 31, 1997
<TABLE>
<CAPTION>
(a) (b) (c) (d) (e) (f) (g) (h) (i)
Description of asset Expense Current value
Identity (including interest rate incurred of asset on
of party and maturity in case Purchase Selling Lease with Cost of transaction Net gain
involved of a loan) price price rental transaction asset date or (loss)
- ------------- -------------------- ------------ ----------- ------ ------------- ------------- --------------------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CIGNA AIM Aggressive Fund $1,874,343 $1,874,343 $1,874,343
CIGNA AIM Aggressive Fund $1,393,334 1,319,045 1,393,334 $74,289
CIGNA Fidelity Contrafund Fund 1,426,620 1,426,620 1,426,620
CIGNA Fidelity Contrafund Fund 1,156,075 914,276 1,156,075 241,799
CIGNA Fixed Fund 2,845,210 2,845,210 2,845,210
CIGNA Fixed Fund 2,462,029 2,462,029 2,462,029
CIGNA Trimble Stock Fund 1,607,822 1,607,822 1,607,822
CIGNA Trimble Stock Fund 935,557 832,340 935,557 103,217
</TABLE>
19
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation by reference in the Registration Statement
(Form S-8) pertaining to the Trimble Navigation Savings and Retirement Plan of
our report dated May 13, 1998, with respect to the financial statements and
schedules of the Trimble Navigation Savings and Retirement Plan included in this
Annual Report (Form 11-K) for the year ended December 31, 1997.
/s/ MOHELER, NIXON & WILLIAMS
Accountancy Corporation
Campbell, California
May 13, 1998
20
<PAGE>
